SOUTHERN POWER CO - FORM 8-K - EX-12.1 - EXHIBIT 12.1 - November 17, 2015

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8-K - 8-K - SOUTHERN POWER COsopower2015c-d8k11x15.htm
EX-5.1(B) - EXHIBIT 5.1(B) - SOUTHERN POWER COex5-1bsopo8k11x15.htm
EX-8.1(A) - EXHIBIT 8.1(A) - SOUTHERN POWER COex8-1asopo8k11x15.htm
EX-1.2(A) - EXHIBIT 1.2(A) - SOUTHERN POWER COex1-2asopo8k11x15.htm
EX-8.1(B) - EXHIBIT 8.1(B) - SOUTHERN POWER COex8-1bsopo8k11x15.htm
EX-1.2(B) - EXHIBIT 1.2(B) - SOUTHERN POWER COex1-2bsopo8k11x15.htm
EX-4.4(B) - EXHIBIT 4.4(B) - SOUTHERN POWER COex4-4bsopo8k11x15.htm
EX-4.4(A) - EXHIBIT 4.4(A) - SOUTHERN POWER COex4-4asopo8k11x15.htm
EX-5.1(A) - EXHIBIT 5.1(A) - SOUTHERN POWER COex5-1asopo8k11x15.htm


Exhibit 12.1
SOUTHERN POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2014
and the nine months ended September 30, 2015
 
Year ended December 31,
 
 
Nine Months Ended
September 30,
 
 
2010
 
 
2011
 
 
2012
 
 
2013
 
 
2014
 
 
2015
 
---------------------------------------------Thousands of Dollars-----------------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
 
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
$
206,664

 
$
238,088

 
$
267,906

 
$
211,428

 
$
171,847

 
$
209,724

Interest expense, net of amounts capitalized
 
76,120

 
 
77,334

 
 
62,503

 
 
74,475

 
 
88,992

 
 
62,452

Interest component of rental expense
 
176

 
 
191

 
 
267

 
 
632

 
 
1,327

 
 
1,719

Amortization of capitalized interest
 
2,905

 
 
3,412

 
 
4,498

 
 
6,340

 
 
4,555

 
 
3,416

Pre-tax net (income)/loss from non-controlling interest
 
—

 
 
—

 
 
—

 
 
—

 
 
1,246

 
 
(12,744
)
Earnings as defined
$
285,865

 
$
319,025

 
$
335,174

 
$
292,875

 
$
267,967

 
$
264,567

FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt
$
85,054

 
$
90,479

 
$
78,497

 
$
80,572

 
$
85,720

 
$
62,705

Interest on affiliated loans
 
8

 
 
534

 
 
—

 
 
—

 
 
—

 
 
—

Interest on interim obligations
 
603

 
 
1,374

 
 
1,930

 
 
1,412

 
 
1,109

 
 
2,136

Amortization of debt discount, premium and expense, net
 
2,098

 
 
2,026

 
 
1,169

 
 
1,266

 
 
1,261

 
 
1,234

Other interest charges
 
466

 
 
922

 
 
(1
)
 
 
402

 
 
789

 
 
527

Interest component of rental expense
 
176

 
 
191

 
 
267

 
 
632

 
 
1,327

 
 
1,719

Fixed charges as defined
$
88,405

 
$
95,526

 
$
81,862

 
$
84,284

 
$
90,206

 
$
68,321

RATIO OF EARNINGS TO FIXED CHARGES
 
3.23

 
 
3.34

 
 
4.09

 
 
3.47

 
 
2.97

 
 
3.87